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Sedgwick County Appraiser's Office

Real Estate Sales Validation Questionnaire

KSA 79-1437 section C through E require that no deed or
instrument providing for the transfer of title to real estate or affidavit of
equitable interest in real estate be recorded in the offices of the Register of
Deeds unless it is accompanied by a Real Estate Validation Questionnaire
completed and signed by either the grantor or grantee.

The
Real Estate Sales Validation Questionnaire has two main purposes. One is to
acquire information to be entered into the county sales date file and used as
comparable sales, the other is to acquire sales information to be used in the
State Sales Ratio Study.

Valid sales are used:

As a contributing factor in the development of the county
index which is used to calibrate the replacement cost new for the cost
approach.

To derive estimates of land values and build CALP
(Computer Assisted Land Pricing) models.

In the cost approach to obtain market based indicators
for building depreciation models.

In the market approach as comparables.

In the market approach to develop sales adjustment
models.

In the income approach as a source for developing
capitalization rates and gross rent multipliers.

As benchmark sales to test or check the quality of the
cost, sales comparison, and income approach models. (Benchmark sales are
those which best reflect the prudent actions of buyers and sellers.)

In performance evaluations to determine a median sales
ratio and C.O.D. (Coefficient of Dispersion) for a sample of properties.

"Fair market value" means the amount in terms of money that a
well informed buyer is justified in paying and a well informed seller is
justified in accepting for property in an open and competitive market , assuming
that the parties are acting without undue compulsion. (K.S.A. 79-503a)

Real estate sales employed as appraisal benchmarks,
incorporated in valuation models and selected to evaluate performance, are
useful only to the extent they truly serve as proxies of fair market value.

Mission: To assure quality public services that provide for the present and future well-being of the citizens of Sedgwick County.